Enforcement Agencies

Last modified at 03/06/2016 16:12 by System Account

Enforcement Agencies

Funds can be collected authorisedly by various entities.  For instance, Deposits include any receipt of money or acceptance of any valuable commodity by any Financial Establishment to be returned after a specified period or otherwise, either in cash or in kind or in the form of a specified service with or without any benefit in the form of interest, bonus, profit or in any other form.  This definition, however, has certain exceptions which are normally specified like deposits do not include amount raised by way of share capital or by way of debenture, bond or any other instrument covered under the guidelines given and regulations made, by the Security Board of India, established under the Securities and Exchange Board of India Act, 1992; amounts contributed as capital by partners of a firm; amounts received from a scheduled bank or a co-operative bank or any other banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (Central Act 15 of 1992), etc.  Further, funds are collected through Chit Funds, public deposits by housing finance companies, etc. 

Thus, fund collecting / deposit taking activities are undertaken by a number of entities who may be governed by different statutes depending upon the nature of the entity and its financial activities / principal business.  Consequently, Non Banking Financing Companies are regulated by RBI, public deposits accepted by housing finance companies are regulated by NHB, Collective Investment Schemes are regulated by SEBI, etc.  Further, under the Protection of Interest of Depositors Act, 2004 the Deputy Commissioner is a competent authority. 

Brief details of the various regulators and their mandate, with respect to funds collection, is provided here which can be accessed by clicking on the name.

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